Originally Posted by EPodolak:
Every mortgage conversation includes that part about the maximum they'll let you have. Dealing with lenders is always a reminder of how humans often treat each other like sh*t.
Honestly, I have a low tolerance for bullshit. This makes me just want to save more money and pay cash for a house and give the finger to literally everyone, including my own savings accounts. [Reply]
Originally Posted by Hammock Parties:
Honestly, I have a low tolerance for bullshit. This makes me just want to save more money and pay cash for a house and give the finger to literally everyone, including my own savings accounts.
With rates so low, borrowing money is actually not a bad idea.
Just borrow your comfort level on Monthly Payments and hold the line on the amount you borrow.
Originally Posted by Hammock Parties:
Honestly, I have a low tolerance for bullshit. This makes me just want to save more money and pay cash for a house and give the finger to literally everyone, including my own savings accounts.
Not worth it with rates this low. With your down payment and house price, your mortgage will be dirt cheap. Still makes sense to buy. [Reply]
Originally Posted by lewdog:
Not worth it with rates this low. With your down payment and house price, your mortgage will be dirt cheap. Still makes sense to buy.
I think I found a good local lender on my third try. Quicken was trying to go in dry.
Just got pre approved for 15 year conventional for an amount that I actually need, not what they want to lube their loan cock with. [Reply]
Nah. You don’t get to write off home mortgage interest unless you itemize. Which after Tax Cuts and Jobs Act the standard deduction is super high and virtually nobody itemizes.
Even then you’re only deducting itemized expenses OVER what the standard deduction is.
For instance, Clay, your standard deduction for 2020 is 12,400. If you make any money medical is probably kicked out as there is a 7.5% of AGI exemption. And state taxes (which would include your property tax, so as a single dude, that’s the one limit that isn’t halved for single dudes you might have something there, but whatever. Follow along) is limited to 10K. So in order to fully deduct your mortgage your SALT and contributions would have to equal 12,400.
Here’s an example with made up numbers.
2020 Clay:
Medial: $0
SALT: $2000
Home mortgage interest: $0
Contributions: $500
TOTAL Itemized: $2500. Clay is taking $12,400 Standard Deduction.
2021 Clay
Medical: $0
SALT: $7,000 ($5k additional PPT)
Home Mortgage: $8000
Contributions: $500
Total Itemized: 15,500. Clay itemizes $15500.
Marginal additional “deductible” expense: $13,000 (plus principle, which is not deductible but still comes Out of your pocket and is probably in the neighborhood of 3-4K the first year)
Marginal additional Tax Deduction: $3,100.
If you can even hit itemized, it’s not a dollar for dollar deduction. Be careful relying too much on deducting anything.
DON'T "Invest" in commodities. Bottom line the sisterfuckers trying to get you to invest in metals are hucksters. If the dollar fails we're all fucked and silver won't save you. [Reply]